According to a new report published by Allied Market Research, titled, “Shavers Market by Type, Demographics, Nature and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2028,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The shavers market size was $6.2 billion in 2020, and is projected reach $8.8 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028.
Paradigm shift from wet shaving to dry shaving, rise in number of beauty-conscious customers among male population, and multiple advantages of electric shaver drive the growth of the global shavers market. Moreover, the outbreak of the COVID-19 pandemic disrupted the supply chain, leading to difficulty in supplying raw materials and finished goods. However, the disruptions were rectified by second half of the year 2020, thereby, the market recovered soon.
High cost is one of the key factors restricting the adoption of shavers and epilators. The branded products available in the market are highly priced and is unaffordable for the price sensitive customers. The average price of razor cost in between $1 and $5. On the contrary, electric shaver usually are priced ranging from $75 to around $300. This roughly results in at least 15X more initial investment as compared to conventional razors. High initial cost investment of electric shaver compared to conventional razor, which restricts the growth of the market.
Based on type, the foil polymers segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the rotary segment is estimated to register the highest CAGR of 5.5% from 2021 to 2028.
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Based on demographics, the men segment held the largest market share in 2020, holding around three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. However, the women segment is projected to register the highest CAGR of 5.2% from 2021 to 2028.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2028. However, Asia-Pacific is projected to manifest the fastest CAGR of 6.7% during the forecast period.
COVID-19 scenario:
The outbreak of the COVID-19 pandemic led to disruptions in the whole supply chain, leading to difficulty in the supply of raw materials and finished goods.
However, the disruptions were rectified by the second half of the year 2020, thereby, the market recovered soon.
The online sales channels have gained high traction in the last year. And as a result players operating in the industry are strengthening their digital presence
Leading players of the global shavers market analyzed in the research include:
• Koninklijke Philips N.V.
• Havells India Limited
• The Procter & Gamble Company
• Panasonic Corporation
• Wahl Clipper Corporation
• Spectrum Brands Holdings Inc.
• Conair Corporation
• XIAOMI Corp-W
• Shenzhen SweetLF Technology Co. Ltd
• Zhejiang Runwe Electric Appliance Co. Ltd.
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